CenturyLink has acquired Level 3 Communications Inc. in a cash and stock transaction valued at approximately $34 billion, including the assumption of debt.

Under terms of the agreement, CenturyLink shareholders will own approximately 51 percent and Level 3 shareholders will own approximately 49 percent of the combined company.

The combined company will have the ability to offer CenturyLink’s larger enterprise customer base the benefits of Level 3’s global footprint with a combined presence in more than 60 countries. In addition, the combined company will be positioned to further invest in the reach and speeds of its broadband infrastructure for small businesses and consumers.

Debbie Keyser, market development manager of CenturyLink, said it is too early to tell what impact, if any, this transaction will have on the Level 3 facility in Coudersport.

“It is very early in the process with many details to be determined,” Keyser said. “Until the transaction closes, CenturyLink and Level 3 will operate as separate companies and it remains business as usual.

“This is a transaction that benefits all stakeholders, including our employees,” she said. “We are bringing together two highly customer-focused organizations and providing employees growth and advancement opportunities the companies could not offer separately.”

In a press release announcing the acquisition, CenturyLink’s Chief Executive Officer and President Glen Post said, “The digital economy relies on broadband connectivity, and together with Level 3 we will have one of the most robust fiber network and high-speed data services companies in the world.

“This transaction furthers our commitment to providing our customers with the network to improve their lives and strengthen their businesses, Post said. “It is this focus on providing fiber connectivity that will continue to distinguish CenturyLink from our competitors. CenturyLink shareholders will benefit from the significant synergies and financial flexibility provided by the combined company’s revenue growth and strong cash flow.”

Level 3’s President and CEO Jeff Storey said, “This is a compelling transaction for our customers, shareholders and employees. In addition to the substantial value delivered to shareholders, the combined company will be uniquely positioned to meet the evolving and global needs of enterprise customers.”